ULST vs. XLF
ULST (State Street Ultra Short Term Bond ETF) and XLF (State Street Financial Select Sector SPDR ETF) are both exchange-traded funds - ULST is a Ultrashort Bond fund tracking the Bloomberg US Treasury Bellwether 3 Month Index, while XLF is a Financials Equities fund tracking the Financial Select Sector Index. Both are passively managed. Over the past 10 years, ULST returned 2.67%/yr vs 12.38%/yr for XLF. At a correlation of -0.01, they often move in opposite directions. ULST charges 0.20%/yr vs 0.08%/yr for XLF.
Performance
ULST vs. XLF - Performance Comparison
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Returns By Period
In the year-to-date period, ULST achieves a 1.24% return, which is significantly higher than XLF's -6.64% return. Over the past 10 years, ULST has underperformed XLF with an annualized return of 2.67%, while XLF has yielded a comparatively higher 12.38% annualized return.
ULST
- 1D
- -0.02%
- 1M
- 0.33%
- YTD
- 1.24%
- 6M
- 1.57%
- 1Y
- 3.99%
- 3Y*
- 4.92%
- 5Y*
- 3.51%
- 10Y*
- 2.67%
XLF
- 1D
- -1.15%
- 1M
- -1.38%
- YTD
- -6.64%
- 6M
- -4.18%
- 1Y
- 1.13%
- 3Y*
- 17.64%
- 5Y*
- 7.61%
- 10Y*
- 12.38%
ULST vs. XLF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ULST State Street Ultra Short Term Bond ETF | 1.24% | 4.80% | 5.23% | 5.60% | 0.87% | 0.25% | 1.45% | 3.23% | 2.04% | 1.19% |
XLF State Street Financial Select Sector SPDR ETF | -6.64% | 14.90% | 30.56% | 12.03% | -10.59% | 34.80% | -1.74% | 31.88% | -13.06% | 22.00% |
Correlation
The correlation between ULST and XLF is 0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.06 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.04 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.05 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.00 |
Correlation (All Time) Calculated using the full available price history since Oct 11, 2013 | -0.01 |
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Return for Risk
ULST vs. XLF — Risk / Return Rank
ULST
XLF
ULST vs. XLF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for State Street Ultra Short Term Bond ETF (ULST) and State Street Financial Select Sector SPDR ETF (XLF). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
| ULST | XLF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +6.06 | ||
| Sortino ratioReturn per unit of downside risk | +12.09 | ||
| Omega ratioGain probability vs. loss probability | 2.77 | 1.02 | +1.75 |
| Calmar ratioReturn relative to maximum drawdown | 16.92 | 0.08 | +16.84 |
| Martin ratioReturn relative to average drawdown | 87.49 | 0.20 | +87.29 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| ULST | XLF | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 6.14 | 0.08 | +6.06 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 3.67 | 0.41 | +3.26 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 1.86 | 0.56 | +1.29 |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.50 | 0.20 | +1.30 |
Drawdowns
ULST vs. XLF - Drawdown Comparison
The maximum ULST drawdown since its inception was -6.20%, smaller than the maximum XLF drawdown of -82.69%. Use the drawdown chart below to compare losses from any high point for ULST and XLF.
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Drawdown Indicators
| ULST | XLF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.20% | -82.69% | +76.49% |
Max Drawdown (1Y)Largest decline over 1 year | -0.24% | -14.79% | +14.55% |
Max Drawdown (3Y)Largest decline over 3 years | -0.54% | -15.54% | +15.00% |
Max Drawdown (5Y)Largest decline over 5 years | -1.22% | -25.81% | +24.59% |
Max Drawdown (10Y)Largest decline over 10 years | -6.20% | -42.86% | +36.66% |
Current DrawdownCurrent decline from peak | -0.05% | -9.34% | +9.29% |
Average DrawdownAverage peak-to-trough decline | -0.16% | -20.03% | +19.87% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.05% | 5.66% | -5.61% |
Volatility
ULST vs. XLF - Volatility Comparison
The current volatility for State Street Ultra Short Term Bond ETF (ULST) is 0.18%, while State Street Financial Select Sector SPDR ETF (XLF) has a volatility of 3.29%. This indicates that ULST experiences smaller price fluctuations and is considered to be less risky than XLF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ULST | XLF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.18% | 3.29% | -3.11% |
Volatility (6M)Calculated over the trailing 6-month period | 0.43% | 10.94% | -10.51% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.65% | 14.41% | -13.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.96% | 18.63% | -17.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.45% | 22.16% | -20.71% |
ULST vs. XLF - Expense Ratio Comparison
ULST has a 0.20% expense ratio, which is higher than XLF's 0.08% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.
Dividends
ULST vs. XLF - Dividend Comparison
ULST's dividend yield for the trailing twelve months is around 4.29%, more than XLF's 1.56% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ULST State Street Ultra Short Term Bond ETF | 4.29% | 4.46% | 5.03% | 4.45% | 1.70% | 0.54% | 1.34% | 2.56% | 2.13% | 1.21% | 0.93% | 0.37% |
XLF State Street Financial Select Sector SPDR ETF | 1.56% | 1.31% | 1.42% | 1.71% | 2.04% | 1.63% | 2.03% | 1.87% | 2.08% | 1.48% | 21.10% | 1.95% |
Frequently Asked Questions
ULST and XLF have a correlation of 0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
XLF has higher volatility (3.29%) compared to ULST (0.18%). In terms of maximum drawdown, ULST dropped -6.20% vs XLF's -82.69%.
On 10-year performance, XLF leads with 12.38% vs 2.67% for ULST. On fees, XLF is cheaper at 0.08% per year. On volatility, ULST has been the lower-risk option at 0.18%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, XLF has performed better with a 12.38% return vs 2.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XLF is cheaper with a 0.08% expense ratio, compared with 0.20% for ULST.
ULST has the higher dividend yield at 4.29%, compared with 1.56% for XLF.
ULST is categorized as Ultrashort Bond, while XLF is Financials Equities. ULST tracks Bloomberg US Treasury Bellwether 3 Month Index, while XLF tracks Financial Select Sector Index. Their fees differ too: 0.20% for ULST and 0.08% for XLF.
ULST currently has the higher Sharpe Ratio (6.14 vs 0.08), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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